Bronco buster David Smith, the folksy faux millionaire of the new “Joe Millionaire,” is being branded by some as the reason why the new “Joe” is flopping on Fox.

But if that’s the case, then the original would have flunked out just as badly.

Smith, 24, seems about as dull-witted as last year’s “Joe,” Evan Marriott.

And Evan’s edition of “Joe Millionaire” was last season’s most phenomenal success story.

The real reason why “Joe II” has failed to catch on is probably pretty simple: “Joe Millionaire,” which is based on a secret which everyone in America knows by now, was a fad – a very popular one, but a fad nonetheless.

In retrospect, launching a new “Joe Millionaire” made about as much sense as bringing back “The Macarena” or mounting a Spice Girls reunion tour.

But that’s 20/20 hindsight. If I were Fox, I’d have done the same thing.

The finale of the first “Joe Millionaire” last Feb. 17 drew more than 40 million viewers, emerging as the season’s third highest-rated show, after the Super Bowl (No. 1) and the Academy Awards (No. 2), which didn’t beat “Joe Millionaire” by much.

Fox execs have probably been dreaming of a “Joe II” since last Jan. 6, when the debut of “Joe I” drew 18.6 million viewers.

They must have been shocked when the premiere of “Joe II” – formal name “The Next Joe Millionaire: An International Affair” – attracted only 6.8 million viewers on Oct. 20, according to Nielsen, despite an avalanche of advance publicity.

The second episode of “Joe II” this past Monday night did even worse – 5.9 million viewers – while the third episode this past Tuesday saw the show’s audience creep up a bit to 6.5 million.

But the cowboy is not to blame. If you’re looking to point fingers at somebody, why not focus on the women of “Joe II”?

The success of reality-matchmaking shows depends largely on their ability to attract female viewers.

And the female viewers who watch these shows seem to respond best when they can identify with the female participants.

That’s the problem with “Joe II.” The women are from more than a half-dozen European countries, ranging from Italy to the Czech Republic. American audiences – particularly women – don’t know women like these. Thus, there’s no identification whatsoever with their accents, mannerisms, attitudes, even their clothes.

The low-rated “Joe” leaves Fox execs likely wondering if they should continue airing two one-hour episodes per week (Mondays and Tuesdays at 8 p.m.) during the all-important November ratings sweeps. They’ve also doubtlessly been hoping for a high-rated finale Nov. 24 but, unless millions of people start flocking to “Joe II,” the show’s final episode is likely to be a dud.

A spokesman said yesterday the network has no plans to pull “Joe II” from the schedule in November.